---
title: "SSA and Financials: Weekly Market Update"
url: https://www.helaba.com/en/ssa-and-financials-weekly-market-update-24
type: dd_research
language: en
updated: 2026-09-28
keywords: Renten, Weekly Market Update_englisch
---

# SSA and Financials: Weekly Market Update

Focus on: SSA & Financials 10 November 2022 © Helaba | Research & Advisory | 10 November 2022 1 of 8 Research & Advisory Weekly Market Update Primary market environment: The race for the US mid-term elections is not yet decided. Oil and gas prices are falling more sharply and crypto prices are plummeting across the board. The eagerly awaited US consumer prices were slightly lower than expected. Primary market condi- tions remain challenging. The deteriorating sentiment already became visible last week with the help of our risk trend indicator. This ten- dency intensified again recently. Primary market barometer Market conditions in the SSA seg- ment have changed little recently. Is- suers are exercising restraint. On the one hand, issues require higher new issue premiums, on the other hand, there seems to be no need for refi- nancing in many places this year. Due to various central bank meet- ings, issuing activity was quite sparse last week, but has been all the more pronounced since Monday. All deals made it across the finish line rela- tively well, although the new issue premiums are successively higher. The revival on the primary market for senior unsecured bank bonds this week was even stronger than for cov- ered bonds. Following the publication of quarterly reports and the end of the blackout period, issuers were lining up. High funding reserves are in de- mand in uncertain times. Covered Bonds Senior Unsecured SSA Risk trend indicator: traffic lights jump to red Relative\* ASW spread change \* ASW levels standardized and 2T-smoothed Sources: Refinitiv, Helaba Research & Advisory IB OXX EUR O 1 day 1 week 4 week 13 weeks 52 weeks 104 weeks Germany 0,11 0,54 1,15 0,86 -0,92 -1,79 European Union 0,06 0,14 0,84 1,33 1,66 1,43 Germany Covered 0,05 0,18 0,33 0,04 0,68 0,00 EU Covered 0,02 0,08 0,16 0,11 0,43 0,24 Banks senior preferred 0,14 0,29 0,53 1,50 3,14 2,35 Banks senior bail-in (SNP) 0,10 0,20 0,40 1,47 3,07 2,39 Banks subordinated 0,08 0,12 -0,16 1,11 2,70 1,93 Supranational 0,07 0,17 0,72 0,75 1,11 0,52 Agencies 0,10 0,36 0,96 0,63 -0,07 -0,62 Sub-Sovereigns Germany 0,06 0,13 0,46 0,04 -1,15 -1,32 Sub-Sovereigns 0,10 0,20 0,76 0,50 0,06 -0,45 strong middle weak unchanged weak middle strong spread widening spread tightening Focus on: SSA & Financials – Weekly Market Update © Helaba | Research & Advisory | 10 November 2022 2 of 8 SSA Sentiment in the SSA segment remains gloomy. Issuers are holding back for various reasons. This may be due to the fact that some institutions have already reached their funding target for the cur- rent year. Others are still waiting for fresh impetus from the European Union, which is expected to issue a dual tranche in the coming week. For most of the federal states, the holdback is probably due to a lack of funding. Higher-than-expected tax revenues are a major contributing factor. However, this constellation is a snapshot. In the coming year, the cards will be reshuffled in view of a different starting position. Today's benchmark issue by the state of Schleswig-Holstein was an exception. The bond with a volume of EUR 500 million and a 6-year maturity was placed at MS-16. Outlook: We expect the primary market to pick up in the coming week. The planned EU dual tranche alone would have a corresponding influence. Covered Bonds The The relatively good absorption capacity of the primary market, despite an overall challenging market environment, should continue to ensure activity. This week, 10 issuers from different jurisdic- tions (AUS, FIN, FR, D, NO, AT) took advantage of the favourable conditions and met with good investor demand with their carefully selected medium maturities, partly supplemented by green labels. Münchener Hypothekenbank eG, for example, was solidly successful with its mortgage Pfandbrief in the face of a large number of competing issuing projects. The original marketing spread could finally be nar- rowed from MS +5 bp. to MS +1, so that the new issue premium was approx. +2 bp. With More Boligkreditt, Mortgage Society of Finland and Sparkasse Han- nover, rarer sub-benchmark is- suers also came to the market. Oma Savings Bank PLC in- creased its bond, which ma- tures in 12/2026, by EUR 250 million to EUR 600 million. The smaller transactions were also successfully placed. The high maturities at the ECB in the first quarter of 2023 will give further impetus to the demand side. Coupon Issuer Rating (M/S&P/F) Volume € Tap Maturity Launch-Spread vs. Mid-Swaps ESG Launch Orderbook 1st Spread- Indication 3,000% Rentenbank Aaa /AAA/AAA 0,500bn 14.11.2034 ms -5 bps 07.11.2022 ms - 5 bp 3,250% Agence France Local Aa3 /AA-/- 0,500bn 20.12.2031 FRTRs +67 bp 07.11.2022 1,600bn FRTRs + 70 area 3,000% Bpifrance Financement Aa2 /-/AA 1,000bn 10.09.2026 FRTRs +56 bp 08.11.2022 1,950bn FRTRs +60 area 2,875% CADES Aa2 /AA/- 5,000bn 25.05.2027 FRTRs +56 bp 09.11.2022 16,500bn FRTRs +58 area 2,625% Schleswig-Holstein - /-/AAA 0,500bn 17.11.2028 ms -16 bps 10.11.2022 not disclosed ms -16 area Sources: Bloomberg, Helaba DCM € SSA issues week of 7 November 2022 High ECB covered bond maturities in the first quarter of 2023 m EUR \*Cross Purchases = Netpurchases + Redemption Sources: ECB, Helaba Research & Advisory 0 1.000 2.000 3.000 4.000 5.000 6.000 7.000 8.000 0 1.000 2.000 3.000 4.000 5.000 6.000 7.000 8.000 Jun 22 Jul 22 Aug 22 Sep 22 Okt 22 Nov 22 Dez 22 Jan 23 Feb 23 Mrz 23 Apr 23 Mai 23 Jun 23 Jul 23 Aug 23 Sep 23 CBPP3 realized redemptions CBPP3 estimated redemptions CBPP3 monthly gross purchases Focus on: SSA & Financials – Weekly Market Update © Helaba | Research & Advisory | 10 November 2022 3 of 8 The secondary market sentiment is characterised by restraint on the one hand and a clear supply overhang on the other. At least there has been a stabilisation recently, and the first buyers have appeared. Overall, however, the development on the primary market continues to play a decisive role. Outlook: The remaining issuance window this year is gradually shrinking. In this respect, all issuers who have not yet finalised their refinancing plans must hurry, and the brisk activity on the primary market is likely to continue in the coming week. The currently tightening bund/swap spreads could be an additional motivation, although re- cently the focus has tended to be on volume optimisation rather than spread optimisation. Pull-forward effects in anticipation of higher spreads in the coming year also play an increased role. Short to maximum medium maturi- ties remain the first choice, especially as they offer very good credit ratings (Pfandbriefe) and a certain degree of protection. Another argument is the attractive yield level. Senior Unsecured The primary market for senior unsecured bank bonds came back to life this week - issuers were lining up: Since Monday, 13 bonds in EUR benchmark format with a total volume of over EUR 13 billion came to the market. Nine of these were structured with non-preferred rank, thus regulatory requirements remain a key driver of new issuance activity. Coupon Issuer Rating (M/S&P/F) Volume € Tap Maturity Launch-Spread vs. Mid-Swaps ESG Launch Orderbook 1st Spread- Indication 3,125% Sparebanken Sør Boligkreditt AS Aaa /-/- 0,500bn 14.11.2025 ms +11 bps  07.11.2022 1,500bn ms + 16 area 3,205% Australia and New Zealand Banking Group Ltd. Aaa /-/AAA 2,000bn 15.11.2024 ms +14 bps 07.11.2022 2,650bn ms + 17 area 3,125% CFF Aaa /AAA/- 1,350bn 18.05.2027 ms +14 bps 07.11.2022 1,725bn ms +16 area 3,250% M ortgage Society of Finland - /AAA/- 0,300bn 15.11.2027 ms +23 bps 08.11.2022 0,430bn ms + 25 area 3,000% M ünchener Hypothekenbank eG Aaa /-/- 0,700bn 04.08.2027 ms +1 bps 08.11.2022 0,900bn ms + 5 area 3,125% CaFFiL Aaa /AA+/- 0,750bn 16.11.2027 ms +11 bps 08.11.2022 1,600bn ms + 15 area 3,000% Sparkasse Hannover - /-/AAA 0,250bn 16.11.2026 ms +6 bps 09.11.2022 0,335bn ms + 8 area 3,125% M øre Boligkreditt AS Aaa /-/- 0,250bn 16.11.2027 ms +25 bps 09.11.2022 0,315bn ms + 25 area 1,500% Oma Saastopankki Oyj - /AAA/- 0,350bn 18.12.2026 ms +8 bps 11.05.2022 0,600bn ms + 10 area 3,000% BAWAG P.S.K. Aaa /-/- 0,750bn 17.05.2027 ms +17 bps 10.11.2022 1,050bn ms +18 area Sources: Bloomberg, Helaba DCM € Covered Bond issues week of 7 November 2022 „The movements of the past days and weeks continue unabated in the covered bond market. On the one hand, we have a secondary market where more and more investors are trying to cash out and a primary mar- ket that is still heading for a new record volume this year. Even the current NIPs are not helping many issues to achieve strong secondary performance. Comment from the Helaba trading floor Focus on: SSA & Financials – Weekly Market Update © Helaba | Research & Advisory | 10 November 2022 4 of 8 The majority of the transactions were relatively large in volume and came from major systemically important banks such as ING Group, UniCredit, Credit Suisse Group and Société Générale. In addition, less established issu- ers from the periphery were also able to successfully implement their issuance projects. Considering the wave of new issues this week, the subscription rates are impressive - the order books were oversubscribed by a median of almost 2 times. The Credit Suisse transaction was particularly eye-catching, raising EUR 7.5 billion. However, issu- ers were prepared to offer elevated spreads, which did not narrow too quickly even in the secondary market. The question is whether this was an early year-end rally, a closing panic or simply a favorable opportunity for issu- ance projects. According to our assessment, the answer is: a bit of everything. After the end of the blackout period due to the quarterly reports, issuers are also using the comparatively favorable market window for prefinancing in order to be well prepared for possibly even more difficult times in a global crisis environment and to ensure com- pliance with their regulatory requirements. Outlook: According to our expectations, the issuance round could continue next week in a friendly market envi- ronment. As the year draws to a close, many banks have largely implemented their issuance plans, and in some cases even exceeded them. However, concerns that the market environment will remain difficult into next year mean that open market windows could continue to be used actively for prefinancing. Furthermore, the regulatory requirements for loss-absorbing capital (MREL/TLAC) will ensure ongoing issuance in this segment. Coupon Issuer Rating (M/S&P/F) Volume € Tap Maturity Launch-Spread vs. Mid-Swaps ESG Launch Orderbook 1st Spread- Indication 3.750% Swedbank AB Aa3 /A+/AA 1.000bn 14.11.2025 ms +72 bps 07.11.2022 1.900bn ms + 95 area 4.000% Société Générale A1 /A/A 1.000bn 16.11.2027 ms +115 bps 09.11.2022 1.400bn ms + 135 area 4.250% Société Générale A1 /A/A 1.250bn 16.11.2032 ms +140 bps 09.11.2022 1.900bn ms + 165 area 4.000% BFCM Aa3 /A+/AA- 0.750bn 21.11.2029 ms +110 bps 09.11.2022 1.700bn ms + 135-140 bp Sources: Bloomberg, Helaba DCM € Senior Preferred issues week of 7 November 2022 Coupon Issuer Rating (M/S&P/F) Volume € Tap Maturity Launch-Spread vs. Mid-Swaps ESG Launch Orderbook 1st Spread- Indication 4.875% ING Groep N.V. Baa1 /A-/A+ 1.250bn 14.11.2027 ms +185 bps 07.11.2022 2.400bn ms + 210 area 5.250% ING Groep N.V. Baa1 /A-/A+ 1.000bn 14.11.2033 ms +215 bps 07.11.2022 2.600bn ms + 240 area 5.375% CaixaBank, S.A. Baa3 /BBB/BBB+ 1.000bn 14.11.2030 ms +240 bps 07.11.2022 2.100bn ms + 265 area 5.850% UniCredit S.p.A. Baa3 /BBB-/BBB- 1.000bn 15.11.2027 ms +285 bps 08.11.2022 2.600bn ms + 315 area 5.500% Jyske Bank A/S - /BBB+/- 0.500bn 16.11.2027 ms +250 bps 08.11.2022 0.825bn ms + 265 area 7.250% Unicaja Banco, S.A. - /-/BB+ 0.500bn 15.11.2027 ms +425 bps 08.11.2022 0.600bn ms + 425 area 7.750% Credit Suisse Group AG Baa2 /BBB-/BBB 3.000bn 01.03.2029 ms +495 bps 09.11.2022 7.500bn ms + 525 area 5.750% AIB Group PLC A3 /BBB-/BBB 0.750bn 16.02.2029 ms +285 bps 09.11.2022 1.300bn ms + 305 area 6.693% Česká spořitelna, a.s. - /A-/A 0.500bn 14.11.2025 ms +370 bps 09.11.2022 0.950bn ms + 400 area Sources: Bloomberg, Helaba DCM € Senior Non-preferred issues week of 7 November 2022 „The investor flows take the new issues as a benchmark. In the secondary market, new bonds were and are sought after, whereas the old issues were sold. Nevertheless, volumes tend to remain in smaller sizes. Fast- money accounts stayed true to their line and used the good performance of the new issues for profit-taking, which in turn generated good conditions for 2-way flows." Comment from the Helaba trading floor Focus on: SSA & Financials – Weekly Market Update © Helaba | Research & Advisory | 10 November 2022 5 of 8 Short news 11/9 UN Climate Change Conference 2022: The European Banking Authority EBA has published a report in connection with the UN Climate Change Conference 2022 (COP27). In it, it again empha- sizes the importance of transparency and consideration of sustainability aspects in banks' risk management. The Basel-based Bank for International Settlements BIS has also commented on the importance of the green transfor- mation related to the conference. 11/9 ECB says, a green transition supports price stability: Greening our economies faster will reduce the costs of the transition to a low-carbon economy and will help to ensure price stability in the long run. The latest blog by the ECB explains why both fighting climate change and fighting inflation can go hand-in-hand. 11/9 Shareholder payouts at risk as ECB tells banks to hold capital: Investors hoping for extensive payouts from EU banks may be disappointed as supervisors are urging them to preserve capital in the face of a weakening eco- nomic outlook, sources again told Reuters. The news agency had already recently reported that the ECB is care- fully scrutinizing euro zone banks' payout according to top supervisor Andrea Enria. 11/8 EU Council agrees on its position on implementation of Basel III reforms: The EU Council has agreed on a position on changes to the capital requirements for banks that will apply across Europe. This far-reaching revision of banking regulatory requirements, centered on the final implementation of Basel III, will place a significant bur- den on the European banking sector. (For more information on the EU Commission's proposals, see our publica- tion dated November 9, 2022). 11/04 EBA publishes draft templates for 2023 EU-wide stress test: The European Banking Authority (EBA) pub- lished the final methodology, draft templates and template guidance for the 2023 EU-wide stress test along with the milestone dates for the exercise. The stress test exercise will be launched at the end of January 2023 with the publication of the macroeconomic scenarios. The results will be published by the end of July 2023. 11/4 ECB raises concerns over Spain’s proposed windfall bank tax: The ECB has criticized Spain’s proposed windfall tax on its banks, warning it could damage the capital position of lenders, disrupt monetary policy, and prove difficult to enforce. As reported by the Financial Times, commercial lenders have said the fact the govern- ment wants to stop them from passing the cost of the tax on to clients is incompatible with EU rules and poten- tially destabilizing. Focus on: SSA & Financials – Weekly Market Update © Helaba | Research & Advisory | 10 November 2022 6 of 8 \* Closing prices from the previous day Sources: Refinitiv, Helaba Research & Advisory, \* ASW-Spreads Market Data (current\*, vs. 1 week, vs. 4 weeks) E-STOXX 600 Banks 133 2,13% 13,12% iBoxx € Cov. Germany 3,6 0,7 2,3 iTraxx Senior Financial 117,2 -3,4 -31,0 10Yr-Yield 2,18 0,04 -0,17 iBoxx € Cov. Bonds 14,5 1,5 4,2 iBoxx € Supranational 8,6 1,09 7,75 Swap 10J 2,94 -0,11 -0,36 iBoxx € Banks PS 101,2 7,6 12,7 iBoxx € Agencies -7,6 4,86 13,54 iBoxx € Germany -61,6 8,28 16,99 iBoxx Banks NPS 149,5 6,7 11,6 iBoxx € Sub-Sov. Germany 2,2 1,41 7,15 iBoxx € EU 14,2 0,92 9,48 iBoxx Banks Subordinated 240,2 8,9 -8,4 iBoxx € Sub-Sovereign 20,3 1,97 9,16 Leisure tip for the weekend: The home of Eintracht Frankfurt Do you have ideas for leisure tips? We would be happy to receive your suggestions at research@helaba.de. Source: https://www.frankfurt-tourismus.de/en/Media/Attractions/Museums/Eintracht-Frankfurt-Museum#/article/0136fd90-36cd-4eee-9ffd-ba6e966f15f3 Deutsche Bank Park- The venue, which opened in 1925 as Frankfurt's "Wald- stadion", has now become Deutsche Bank Park - home to Eintracht Frankfurt with 51,000 spectator seats. By booking a guided tour, you will take a journey through the history of Eintracht. In the first part, you will visit the Eintracht Museum, where the sports history of the Main metropolis and Eintracht is told, stories of great victories, soccer wonders and soccer gods. In the second part of the 90-minute tour, you'll get a guided tour of the stadium, including a look behind the scenes. By the way, tours can also be booked at night, which gives the experience its very own atmosphere and is not only exciting for soccer fans. More information: Eintracht Frankfurt Museum (frankfurt-tourismus.de) Focus on: SSA & Financials – Weekly Market Update © Helaba | Research & Advisory | 10 November 2022 7 of 8 Chartbook SSA, Covered Bonds, Senior Unsecured Senior Primary volumes Senior Unsecured: Spread development EUR benchmark issue volume cumulative by weeks, bn EUR ASW spread, bp Sources: Bloomberg, Helaba Research & Advisory Sources: Bloomberg, Helaba Research & Advisory 0 10 20 30 40 50 60 70 80 90 100 110 0 10 20 30 40 50 60 70 80 90 100 110 1 4 7 10 13 16 19 22 25 28 31 34 37 40 43 46 49 2021 Senior Preferred 2022 Senior Preferred 2021 Senior Non-preferred 2022 Senior Non-preferred 0 50 100 150 200 250 300 0 50 100 150 200 250 300 Nov.21 Jan.22 Mrz.22 Mai.22 Jul.22 Sep.22 Nov.22 Banks Subordinated Banks Senior Bail-in Banks Senior Preferred Covered Primary volumes Covered Bonds: Spread development EUR benchmark issue volume cumulative by weeks, bn EUR ASW spread, bp Sources: Bloomberg, Helaba Research & Advisory Sources: Bloomberg, Helaba Research & Advisory 0 20 40 60 80 100 120 140 160 180 200 220 0 20 40 60 80 100 120 140 160 180 200 220 1 4 7 10 13 16 19 22 25 28 31 34 37 40 43 46 49 2022 2020 2021 -4 -2 0 2 4 6 8 10 12 14 16 -4 -2 0 2 4 6 8 10 12 14 16 Nov.21 Jan.22 Mrz.22 Mai.22 Jul.22 Sep.22 Nov.22 EUR Covered Covered Germany SSA: Primary volumes SSA: Spread development EUR benchmark issue volume cumulative by weeks, bn EUR ASW spread, bp Sources: Bloomberg, Helaba Research & Advisory Sources: Bloomberg, Helaba Research & Advisory 0 50 100 150 200 250 300 350 400 0 50 100 150 200 250 300 350 400 1 4 7 10 13 16 19 22 25 28 31 34 37 40 43 46 49 2020 2021 2022 -25 -15 -5 5 15 25 -25 -15 -5 5 15 25 Nov. 21 Jan. 22 Mrz. 22 Mai. 22 Jul. 22 Sep. 22 Nov. 22 Sub-Sovereigns Agencies Supranationals Sub-Sovereigns Germany Focus on: SSA & Financials – Weekly Market Update © Helaba | Research & Advisory | 10 November 2022 8 of 8 News from Research & Advisory  FOCUS ON CREDITS - BASEL III AND THE EU COUNCIL'S POSITION ON THE LEGISLATIVE PACKAGE  FOCUS ON: SUSTAINABLE FINANCE - THE RENDEZVOUS CLAUSE  FOCUS ON: CREDITS - PRIMARY MARKET UPDATE EUR BENCHMARK BANK BONDS: Q3 2022  FOCUS ON: CREDITS - EUR CORPORATE BONDS: PRIMARY MARKET Q3 2022  FOCUS ON: CREDITS – BANK AND COVERED BOND PROFILES GERMANY  FOCUS ON: SSAS – GERMAN AGENCIES  FOCUS ON: COVERED BONDS – EUROPEAN COVERED BONDS: CENTRAL WEBSITE PROVIDES CLARITIY  FOCUS ON: CREDITS – LIVE DEALS – A USEFUL INDICATOR FOR PLANNING ISSUANCE  FOCUS ON: CREDITS – EUROPEAN BANKS: CLIMATE RISK STRESS TEST HIGHLIGHTS NEED FOR FURHTER ACTION  EUROPEAN BANKS: ACTIVITIES BECOMING EVER GREENER  IMPLEMENTATION OF THE EU COVERED BOND DIRECTIVE: SPAIN VERSUS FRANCE AND GERMANY (VIDEO)  IMPLEMENTATION OF THE EU COVERED BOND DIRECTIVE – STATE OF PLAY: AUSTRIA VERSUS FRANCE AND GERMANY (VIDEO)  IMPLEMENTATION OF THE EU COVERED BOND DIRECTIVE – STATE OF PLAY IN FRANCE AND GERMANY (VIDEO)  COVERED-BOND-LAWS: IMPLEMENTATION OF THE EU REGULATION (VIDEO) Team of authors Publisher and editorial office Helaba Research & Advisory Editor: Stefan Rausch Corporate Research & Advisory Responsible: Dr. Gertrud R. Traud Chefvolkswirtin/ Head of Research & Advisory Neue Mainzer Str. 52-58 60311 Frankfurt am Main T +49 69 / 91 32 - 20 Internet: www.helaba.com Disclaimer This publication has been prepared with the greatest care. However, it contains only non-binding analyses and forecasts of current and future market conditions. The information is based on sources which we consider to be reliable, but for whose accuracy, completeness or up-to-dateness we cannot assume any liability. All state- ments made in this publication are for information purposes only. They must not be understood as an offer or recommendation for investment de- cisions. Here you can subscribe to our newsletter: https://news.helaba.de/research/ Dr. Susanne Knips Senior Credit Analyst T 069/91 32-32 11 Sabrina Miehs, CESGA Head of FI & SSA Research Senior Advisor Sustainable Finance T 069/91 32-48 90 Christian Schmidt Covered Bond & SSA Analyst T 069/91 32-23 88

SSA: Sentiment remains gloomy in the SSA segment. Covered bonds: All deals made it across the finish line relatively well. Senior Unsecured: Extremely active – early year-end rally?